"Chrysler Building's Co-Owner's Bankruptcy Sends Shockwaves Through Europe"
TL;DR
Signa, the European co-owner of the Chrysler Building, has filed for bankruptcy after failing to secure fresh funding, becoming the largest casualty of Europe's property crash. The property and retail giant, controlled by Austrian magnate Rene Benko, has debts of around €5 billion ($5.5 billion) and is expected to send ripples through the continent's struggling property sector. Signa's insolvency could trigger a wider drop in commercial property prices if it starts offloading properties. The company's collapse has impacted 42 employees and 273 creditors.
- Chrysler Building's European co-owner files for bankruptcy: 'Rude awakening for investors' New York Post
- European property giant Signa toppled by debts Reuters
- Signa Founder Rene Benko Goes From High-Flying Billionaire to Wealth Blowup Bloomberg
- Co-Owner Of Chrysler Building Files For Insolvency Bisnow
- How will Signa's insolvency affect Germany? DW (English)
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